Friday, February 28, 2020

Guesstimates on February 28, 2020

March S&P E-mini Futures:  Strong support in the 3050-90 zone failed dramatically yesterday. Next big rally is likely to start from 2850 or so. I still don’t see the build up of bearishness sufficient to end the drop from the February 22 top but this support should produce a rally back to 3000 or so. In any case higher prices are likely later this year. The Lindsay basic advance which started from the December 2018 low remains intact and is likely to carry the ES to 3550.
QQQ: Support is at 200. The long standing 230-40 target was reached but I don’t think that ended the bull market.
TNX (ten year note yield): 1.60% support level failed. Downside target is now 1.25% then 1.00%.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has reestablished itself above 108 support. Upside target is now 120-21.
West Texas Crude Oil: Support is the 50-53 zone has failed. Next support is 40.
Gold: Upside target at 1650 has been reached and exceeded. Next upside target is 1750. Support is 1530.
Silver: Support is at 16.50. Silver is woefully underperforming gold. I am brining my upside target down to 20.00.
Google: Next upside target is 1550. Support is now 1250.
Apple: Support is now 250.
Amazon: Upside target is 2300. Support is 1750.
Facebook:  Next upside target is 250. Support is 175.
Twitter: Support at the 28 level has held and a rally to 55-60 is underway.
Alibaba: BABA is headed for 245. Support is 185.
Visa: Support is 165.

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